The Board of Directors of Banyan Tree Holdings Limited ("the Company") wishes to announce that the Company's wholly-owned subsidiary, Banyan Tree Properties Pte. Ltd., has entered into an agreement with the Company's 30% associated company, Banyan Tree Seychelles Holdings Limited ("BTSH") to acquire 2 ordinary shares of US$1.00 each fully paid ("JIL shares") in Jayanne International Limited ("JIL") (such acquisition hereinafter called "the Acquisition").
After the Acquisition, JIL became a wholly-owned indirect subsidiary of the Company
JIL, a company incorporated in the British Virgin Islands, is the holding company of Jayanne (Seychelles) Limited ("JSL"), a company incorporated in Seychelles. JSL owns a double pool villa built on a parcel of land of approximately 1250 square metres situate at Intendance, Mahe, Seychelles.
The total consideration for the Acquisition is US$900,000.00, payable in cash on completion, and was arrived at on a willing-buyer willing-seller basis taking into account the net asset value of the JIL shares in the unaudited financial statements of BTSH as at 27 December 2006
DBS Bank Ltd and UBS AG, acting through its business group, UBS Investment Bank, were the joint global co-ordinators and bookrunners of the initial public offering of the shares in Banyan Tree Holdings Limited.